From Financial Crime and Corruption Education:
Danske Bank A/S probably will be fined around 13.5 billion kroner ($2 billion) this year by authorities in Denmark, the U.S. and the U.K. as investigations into Europe’s biggest money laundering scandal draw to a close, according to estimates by Jyske Bank.
Danske has admitted that a large part of 200 billion euros ($223 billion) in transactions at an Estonian unit were suspicious. The Copenhagen-based lender is cooperating with probes by the U.S. Department of Justice and the U.S. Securities and Exchange Commission, among others.
Penalties
tied to investigations will drive up Danske’s yearly operating expenses
by almost 50% this year, to 42.4 billion kroner, according to estimates
by Jyske analyst Anders Vollesen. Costs will probably return in 2021 to
more normal levels of around 26 billion kroner....
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